puppy133771, Home Buyer in Saint Augustine, FL

I cant find the questions I posted, so I' am doing it again. I have a home in NC and I'm not

Asked by puppy133771, Saint Augustine, FL Mon Feb 25, 2013

selling it, but I want to buy a Foreclosure home in Fla. Can I do THAT?

Help the community by answering this question:


Yes. If you are paying cash no problem. If not, you will need a 20% down payment for conventional and a 10% down payment if it is a Home Path loan.

If the foreclosure is going to be your primary residence than you will have an array of options.

Call or email and we can talk more.

Endless Summer Realty
0 votes Thank Flag Link Tue Mar 5, 2013
Of course. It is better to have cash if you want to buy a foreclosure, but not necessary. It is a more powerful offer if you don't have to have a financing contingency, but in many cases, the bank that owns the foreclosure will prequalify you, and if you use their financing, they are very happy.

PLease contact me if you want to be anywhere in North FLorida at 904-826-6633
0 votes Thank Flag Link Mon Feb 25, 2013
Yes if you have the money you can buy a foreclosure in FL.
0 votes Thank Flag Link Mon Feb 25, 2013
Sure you can. Do you plan on paying cash or financing? If your home in NC is paid off you could do a home equity line to pay cash for the FL purchase or you can obtain a mortgage on the FL house. Depending on your intent to use it you have a choice of second home or investment loan. A second/vacation home requires at least 10% downpayment and investment is 25%+ downpayment (subject to credit and income verification).

Once you find the agent you want to work with talk with a few reputable mortgage professionals they recommend.
0 votes Thank Flag Link Mon Feb 25, 2013
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